The Faster Adoption and Manufacturing of Electric (& Hybrid) Vehicles in India (FAME India) Scheme has been one of the key pillars of India’s EV push. The second phase of the scheme (FAME-II) was implemented for five years from April 1, 2019, to March 31, 2024, with a total outlay of ₹11,500 crore.

Piyush Goyal, the Minister of Commerce and Industry states that the deal unlocks the power of two large democracies working together for the shared prosperity of their people. Both India and the US are natural allies, and the partnership will co-create technologies, co-develop solutions, and work together for peace, growth, and a brighter future for India and the US, the commerce minister adds.

longside this circularity signal, the Budget sharpens India’s broader technology and manufacturing roadmap, positioning AI adoption, semiconductor fabrication, and digital infrastructure as primary growth engines for the next phase of industrial expansion.